diff --git a/doc/source/whatsnew/v2.1.0.rst b/doc/source/whatsnew/v2.1.0.rst
index 7e8403c94ceef..3597fd09f219b 100644
--- a/doc/source/whatsnew/v2.1.0.rst
+++ b/doc/source/whatsnew/v2.1.0.rst
@@ -158,7 +158,7 @@ Conversion
 
 Strings
 ^^^^^^^
--
+- Enhancement to allow dictionaries to be passed to func: Series.str.replace that contain <key:value> pairs of strings to be replaced, along with their replacement.
 -
 
 Interval
diff --git a/pandas/core/strings/accessor.py b/pandas/core/strings/accessor.py
index 1b020a3d96411..b20edbfb21bed 100644
--- a/pandas/core/strings/accessor.py
+++ b/pandas/core/strings/accessor.py
@@ -1314,12 +1314,13 @@ def fullmatch(self, pat, case: bool = True, flags: int = 0, na=None):
     @forbid_nonstring_types(["bytes"])
     def replace(
         self,
-        pat: str | re.Pattern,
-        repl: str | Callable,
+        pat: str | re.Pattern = "",
+        repl: str | Callable = "",
         n: int = -1,
         case: bool | None = None,
         flags: int = 0,
         regex: bool = False,
+        pat_dict: dict = dict(),
     ):
         r"""
         Replace each occurrence of pattern/regex in the Series/Index.
@@ -1354,6 +1355,8 @@ def replace(
             - If False, treats the pattern as a literal string
             - Cannot be set to False if `pat` is a compiled regex or `repl` is
               a callable.
+        pat_dict : dict, default empty dictionary
+            <key:value> pairs of strings being replaced, and their updated values.
 
         Returns
         -------
@@ -1459,10 +1462,26 @@ def replace(
         if case is None:
             case = True
 
-        result = self._data.array._str_replace(
-            pat, repl, n=n, case=case, flags=flags, regex=regex
-        )
-        return self._wrap_result(result)
+        if not pat and not pat_dict:
+            raise ValueError(
+                "Cannot replace a string without specifying a string to be modified."
+            )
+
+        if pat_dict:
+            res_output = self._data
+            for key, value in pat_dict.items():
+                result = res_output.array._str_replace(
+                    key, str(value), n=n, case=case, flags=flags, regex=regex
+                )
+                res_output = self._wrap_result(result)
+
+        else:
+            result = self._data.array._str_replace(
+                pat, repl, n=n, case=case, flags=flags, regex=regex
+            )
+            res_output = self._wrap_result(result)
+
+        return res_output
 
     @forbid_nonstring_types(["bytes"])
     def repeat(self, repeats):
diff --git a/pandas/tests/strings/test_find_replace.py b/pandas/tests/strings/test_find_replace.py
index 6f6acb7a996b2..dc842610d3fa7 100644
--- a/pandas/tests/strings/test_find_replace.py
+++ b/pandas/tests/strings/test_find_replace.py
@@ -639,6 +639,31 @@ def test_replace_regex_single_character(regex, any_string_dtype):
     tm.assert_series_equal(result, expected)
 
 
+def test_replace_dict(any_string_dtype):
+    # New replace behavior introduced in #51914
+    series = Series(data=["A", "B_junk", "C_gunk"], name="my_messy_col")
+    new_series1 = series.str.replace(pat_dict={"_gunk": "_junk"})
+    expected1 = Series(data=["A", "B_junk", "C_junk"], name="my_messy_col")
+    tm.assert_series_equal(new_series1, expected1)
+
+
+def test_replace_multi_dict(any_string_dtype):
+    # New replace behavior introduced in #51914
+    series = Series(data=["A", "B", "C"], name="my_messy_col")
+    new_series = series.str.replace(pat_dict={"A": "", "B": 1})
+    expected = Series(data=["", "1", "C"], name="my_messy_col")
+    tm.assert_series_equal(new_series, expected)
+
+
+def test_replace_dict_invalid(any_string_dtype):
+    # New replace behavior introduced in #51914
+    msg = "Cannot replace a string without specifying a string to be modified."
+    series = Series(data=["A", "B_junk", "C_gunk"], name="my_messy_col")
+
+    with pytest.raises(ValueError, match=msg):
+        series.str.replace()
+
+
 # --------------------------------------------------------------------------------------
 # str.match
 # --------------------------------------------------------------------------------------